Word: localize
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Dates: during 1950-1959
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Research on the economic impact of the University on Cambridge similarly served to support the importance of education as a basic local industry, despite the tax exemption...
Reactions to this pattern are mixed. Local residents seldom complain vigorously since the situation is essentially a response to residential needs. The citizen may complain that his city is changing for the worse, but before long he moves to a better one, leaving his home to those who have created the problem...
Commercial interests are the strongest opponents of the slum pattern, because their investment is normally centered on the local market. A restaurant or haberdashery cannot simply move somewhere else, for to do so means to wipe out the existing source of revenue. Yet to remain means strangulation, as traffic slows, parking problems make stores inaccessible, and the clientele is down-graded...
...Cambridge, as in most other cities, this program has taken the form of Urban Renewal. Last year a committee, headed by local merchant Paul Corcoran, drew up a "Workable Program for Urban Renewal", which described the existing situation, outlined the direction in which the city was moving, and suggested a possible alternative...
Such a boost to the local economy is well worth the tax exemption which the city grants on property used for education. Harvard is still the second largest taxpayer in the city...